Sitetracker, Inc.: Sitetracker raises $42M in Series C Financing
Sitetracker is the global leader in deployment, operations, maintenance, and asset management software for critical infrastructure and technology providers
Led by H.I.G. Growth Partners and Energize Ventures, Sitetracker s Series C includes participation from all returning investors plus new strategic partners
Sitetracker will use this round of investment to accelerate the company s product roadmap, solution delivery capabilities, and global expansion
Sitetracker, the global standard for deploying, operating, and servicing critical infrastructure and technology, announced $42 million in additional funding today. The round was led by new investor H.I.G. Growth Partners as well as returning investor Energize Ventures with follow-on investment from all other returning investors, including New Enterprise Associates (NEA), National Grid Partners, Wells Fargo Strategic Capital, Salesforce Ventures, and others. New inve
News Wire Feed Light Reading 1/27/2021
MONTCLAIR, N.J. – Sitetracker, the global standard for deploying, operating, and servicing critical infrastructure and technology, announced $42 million in additional funding today. The round was led by new investor H.I.G. Growth Partners as well as returning investor Energize Ventures with follow-on investment from all other returning investors, including New Enterprise Associates (NEA), National Grid Partners, Wells Fargo Strategic Capital, Salesforce Ventures, and others. New investors participating in addition to H.I.G. Growth Partners include Energy Impact Partners (EIP), Telekom Innovation Pool (TIP), Clearvision Ventures, and others. This round of financing brings the total investment in Sitetracker to $92 million, and the investment will further accelerate Sitetracker s product roadmap and continued global expansion.
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Total corporate funding (including venture capital funding, public market, and debt financing) for the Battery Storage, Smart Grid, and Energy Efficiency sectors in 2020 was up by 112%, with $8.1 billion compared to $3.8 billion in 2019. That’s according to a new report from Mercom Capital Group.
Global VC funding (venture capital, private equity, and corporate venture capital) for Battery Storage, Smart Grid, and Efficiency companies in 2020 was 12% higher with $2.6 billion compared to $2.3 billion raised in 2019.
Battery Storage
Total corporate funding in the battery storage sector was up 136% with $6.6 billion in 54 deals in 2020. However, VC funding for Battery Storage companies totaled $1.5 billion in 32 deals compared to $1.7 billion raised in 32 deals in 2019.
National Grid sees machine learning as the brains behind the utility business of the future
If the portfolio of a corporate venture capital firm can be taken as a signal for the strategic priorities of their parent companies, then National Grid has high hopes for automation as the future of the utility industry.
The heavy emphasis on automation and machine learning from one of the nation’s largest privately held utilities with a customer base numbering around 20 million people is significant. And a sign of where the industry could be going.
Since its launch, National Grid’s venture firm, National Grid Partners, has invested in 16 startups that featured machine learning at the core of their pitch. Most recently, the company backed AI Dash, which uses machine learning algorithms to analyze satellite images and infer the encroachment of vegetation on National Grid power lines to avoid outages.
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